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A Young Bear

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Be on my side, I'll be on your side
There is no reason for you to hide
It's so hard for me, staying here all alone
When you could be taking me for a ride


(Neil Young)

I'll tell ya, it's not easy to concentrate when you have a furry metaphorical bear laying beside you singing songs all day. I'll give the little critter credit though, he's persistent. Still, I told him that it's too early (and too quiet) for him to get excited...although he should keep his wits about him. The vacillation continues as our lunch digests and I've noticed that certain groups are beginning to get a bit more active.

First and foremost, the semiconductors seemed to lose a little of their oompha as some of the larger caps are drifting in. As this was the sector that led us higher yesterday, we should pay particular attention if (big if) they start to reverse. The banks have also begun to trade a little softer, although I'm not sure if it's Household (HI) related or if there are some pre-Brazil election concerns. Of course, this could just be the pause before the continuation (watch the internals), but either way...these groups as your main tells for the rest of the day.

There will be further earnings reports tonight and our good friend Beeks will stop by tomorrow morning with the Durable Goods Orders (exp.-1.6%), Home Sales and the Wolverine Confidence number (exp.81). Keep those on your radar as we cast our eyes towards the afternoon session. Its super quiet out there and the traders I talk to all think they lift 'em into the bell...for what it's worth.

I'm jumping into a strategy meeting so let me hop. Hope you're all having a fine day.
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